Latest Property Market News

publication date: Nov 30, 2009
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

Buying and Selling
Property Statistics show the buying and selling market continues to operate at "OK levels" albeit that the number of properties changing hands is still down year on year by 24%. As we move to Xmas, the number of buyers looking for property are slowing in many areas, although high demand areas seem to be continuing to sell well and at near asking prices. This is reflected in the percentage of properties sold versus for sale which show we are converting at around 31% versus August's peak of 36%. However the picture remains regional with areas such as Hartlepool and Chorley achieving less than 10% conversion while Ivybridge and Thatcham/Newbury at around 50%.

A lack of lending at 5-10% deposit continues to cause a aproblem, although lenders don't appear to be 'down valuing' property as much as they have been at the start of the year.  READ ON

Renting and Letting
The rental market has started to turn a corner, with quality properties showing an increase via the Belvoir Lettings Index for two months in a row. Meanwhile Findaproperty Index is showing a steadying of rental income, with the average rent acheiving £830 per month.

As with house prices, rental prices vary dramatically on a regional basis. Some areas appear to be doing very well according to the Belvoir Lettings Index which shows quarterly increases of 7% in and around the London area and over 3% in the South East. Areas which are still struggling appear to be the North East, East Anglia and the West Midlands. 

However, good quality properties in good locations which are well presented to appear to be letting well. If you are thinking of investing in Buy to Let howvever, make sure you go to a lettings specialist like Belvoir first as they will ensure you know what properties are required and be realistic about the rental potential. This is unlike many property investment clubs that charge thousands of pounds for sourcing properties, don't deliver, don't give you your money back and worst still, then go bust, taking your hard earned cash with them!  READ ON

Residential Auctions
October auction figures for the residential market show a great performance in that the percentage sold remains high at 72% but more importantly, for the first time in 12 months, the amount of money raised from the auction is UP year on year by 10%! Suggesting that as far as auctions are concerned the property market has certainly turned a corner. Of course these are still 'low' figures compared to 2007, but the fact that more money is being raised is a real indicator that confidence has come back into the market and performance versus 2008 is definitely on the up!  READ ON

For a full analysis of the property market, take a look at October's Property Market Update.

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